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BREAKING NEWS: RUSSIA "SANCTIONS" YAMAL-EUROPE PIPELINE IN POLAND - NO NATURAL GAS!

Russia has imposed blocking sanctions on the Polish company EuRoPol Gaz S.A., which owns the Polish section of the Yamal-Europe natural gas pipeline, under a Russian government resolution of May 11 published on the official web portal of legal information.

Any transaction with these entities is banned. Separately, the document bans entering Russian ports, payments and securities transactions.  In short, Poland gets no natural gas anymore from Russia.

The Russian Finance Ministry is given power to grant temporary permission for certain operations with the sanctioned entities.

The list of legal entities was adopted by the Russian government to comply with the presidential decree of May 3, 2022, entitled "On the imposition of special economic measures in response to the unfriendly actions by certain foreign states and international organizations."

In late April, Poland imposed sanctions on Gazprom . The restrictions imply freezes of the rights to stocks and other securities of EuRoPol Gaz and dividend payments.

The over 2,000-kilometer Yamal-Europe pipeline from Torzhok to Frankfurt (Oder) reached the rated annual capacity of 33 billion cubic meters in 2006. The Polish section spans 683 kilometers of line pipe and five compressor stations and is owned by the EuRoPol Gaz joint venture and run by a separate Polish Gas Transmission System operator, Gaz System.

In his comments on the situation in the JV last December, Russian President Vladimir Putin said: "We have 45% there owned by Gazprom. But the Polish side moved us aside from managing this system."

Besides infringement on Gazprom's rights in the EuRoPol Gaz JV, the Polish state company PGNiG has become one of the chief opponents of the Russian Nord Stream 2 gas pipeline.

Russia currently supplies about 55 percent of Poland’s annual demand of about 21 billion cubic meters of gas.

Another pipeline, called the Baltic Pipe, is a natural gas pipeline under construction between the Norwegian sector of the North Sea and Poland. It is a strategic infrastructure project to create a new gas supply corridor.

When completed in October 2022, it will transport natural gas from the North Sea to Poland via Denmark.

The project, however, is running behind schedule, and there are routinely issues that plague new pipelines as they are brought online.   As such, the BEST Poland can hope for is Gas in October, but given the nature of pipelines and the historic issues surrounding them, Poland may not see any natural gas from the new pipeline well into next winter.   

How they will make up for the loss of 55% of their gas from Russia, is a complete mystery.

 

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